15 & 15a West Street represent the entirety of a handsome two storey property in the centre of Cromer. This excellent investment opportunity is to acquire the Freehold for the building which comprises a ground floor commercial unit and first floor well appointed and spacious two bedroom apartment.
No. 15 The Commercial Premises
15 West Street is currently tenanted by Henley's Estate Agents, who operate an established property business from the smart office. Please note, it is the office building alone which is offered for sale, not the business currently tenanting it. The commercial unit is double fronted with double glazed display windows with a central door to enter. Inside there is a large modern shop floor with reception seating area to the front and a spacious open plan office space for several workstations. Leading from the office floor there is a kitchenette and store room with a window for natural light. There is a separate spacious WC with shower off accessed from the office area.
No. 15a Two Bedroom Apartment
15a West Street has a separate private entrance from the street, leading to an entrance hall and staircase up to the first floor. The two bedroom apartment is remarkably spacious with a fantastic open plan sitting / dining / kitchen space which benefits from natural light from two large skylights and a large window from the kitchen area.
The open plan living space boasts two seating areas with a dining space and modern fitted kitchen, comprising base and wall units, integrated ceramic hob with extractor over, integrated oven, sink and space for fridge / freezer, washing machine and tumble dryer.
The bedrooms are across the landing to the front of the apartment and are both flooded with natural light from large traditional sash windows. The master bedroom is an extremely generously proportioned double room with easily enough space for a king size bed and suite of bedroom furniture. Bedroom two is a good sized double with a range of fitted wardrobes and storage cupboards.
The family bathroom is positioned off the landing and comprises of bath with shower over, WC, wash hand basin and heated towel rail. There are further storage cupboards opposite the bathroom on the landing.
15 & 15a West Street are both approached from the pavement on the street. The street itself, whilst very central to Cromer, is relatively peaceful and whilst there is no allocated parking for either the apartment or the commercial unit, there is a loading bay immediately outside to unload bags and deliveries and the main car park for Cromer at Meadow Road is only a couple of minutes walk away.
Apartment Holiday Let Income: £15,200 gross income (2020 / 2021)
Apartment Holiday Let Occupancy: 155 nights (2020 / 2021)
Apartment AST Long Term Let: £8,700 pa (2018 - 2020)
Commercial Unit: £12,000 pa
15 & 15a West Street offer a fantastic investment opportunity. Both the commercial unit and the apartment are in excellent order and are both proven income generators.
The apartment has a track record both as a longer term rental for full time tenants and as a successful holiday let. Between 2018 and 2020 the apartment was generating £8,700 pa as an AST. Since then it has been marketed as a holiday let through Hoseasons and achieving a peak weekly rental of £1,100 and overall in 2020 / 2021 generated a gross income of £15,200 with 155 nights occupied.
The current owners have given notice to Hoseasons so new owners can have full flexibility over the use of the apartment upon completion.
West Street is ideally located in the heart of Cromer, literally just a stone's throw from the main High Street, yet still tucked away.
Cromer is famous for its seafood, most specifically the nationally renowned Cromer Crab. It is a bustling town catering for a thriving local community alongside the year round tourists who visit the area. Much of the town is testament to its Victorian heyday including the lovely pier dating back that era.
There is a plethora of restaurants, cafés, bars and pubs; catering to all tastes and budgets. Including the famous No. 1 Fish & Chip shop and a growing number of trendy eateries.
The town has primary & secondary schools, a local hospital, supermarkets and cinema.
For golf enthusiasts there are several world class courses nearby. The Royal Cromer is walking distance from the front door (just under a mile along the coast path) famous for being designed by Tom Morris and james Braid. The links courses at Sheringham, Mundesley and Hunstanton are also within easy driving distance and are open to non-members.
Cromer is well served by public transport with a train station and bus station providing links to Norwich and onwards to just about anywhere.
Services: Mains Electricity, Gas, Water & Drains.
Heating: Gas Central Heating (Combi Boiler) Separately installed in both apartment and commercial unit.
EPC Ratings: Top Floor Flat - C and Commercial Unit - B
Business Rates / Council Tax: North Norfolk Council - The property could be eligible for Small Business Rate Relief as commercial premises and holiday let business. If long term let or main residence the apartment would pay Council Tax.
Lease Terms: Current lease on commercial premises 6 years, ending in July 2022.
Viewings: Strictly by appointment with Big Skies Estates. Viewings are currently only possible during the change over between holiday guests in the apartment. Initial Appointments on Saturday 25th September between 13:00 to 15:00.
Agents Note: 1. Whilst these particulars have been prepared in good faith to give a fair description of the property, these do not form any part of any offer or contract nor may they be regarded as statements of representation of fact. 2. Big Skies Estates have not carried out a detailed survey, nor tested the services, appliances and specific fittings. All measurements or distances given are approximate only. 3. Where a property is promoted as suitable for holiday letting, such use is conditional on the legal due diligence to be undertaken by the buyer’s conveyancer to ensure the property can be used for holiday letting. Big Skies Estates does not examine the legal title or any restrictions on the property. 4. No person in the employment of Big Skies Estates has the authority to make or give representation or warranty in respect of this property. Any interested parties must satisfy themselves by inspection or otherwise as to the correctness of any information given.